Tags
Bank Fees, Bank Statements, Bookkeeping System, Common Estate, decedent, estate, Executor, Income and Expense Report, Record Keeping, Record Keeping System
When dealing with the decedent’s bank accounts, the executor must track the bank fees, if any. Typically, in a common estate, an executor will close a decedent’s bank account without knowledge of any associated bank fees. Consequently, without examining the bank statements, bank fees may go unnoticed by the executor. If this happens, the oversight may carry through to the final accounting. Therefore, to avoid errors in the final accounting, the executor must look at the bank statements.
